The ratings of Duke Energy Corp. reflect a consolidated credit assessment of its regulated U.S. electric utility operation, Duke Power Co., as well as non regulated operations of its wholly owned subsidiary, Duke Capital Corp. Duke Capital owns and operates gas pipelines in the U.S. and abroad, domestic (Duke Energy North America – DENA) and international electric generation facilities, and global energy trading and marketing activities. U.S. energy trading operations Duke Energy Trading and Marketing, L.L.C. (A-/Negative/--), largely trades around DENA's physical assets, but engages in some proprietary trading and also trades natural gas from ExxonMobil Corp.; this trading subsidiary is jointly owned with ExxonMobil, which has a 40% interest. Duke Energy's business-risk profile is enhanced by the strong competitive
